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April 20, 2023

House Financial Services Committee questions SEC's Gensler on crypto, climate risk rule, brisk pace of rulemaking

Republicans fault SEC's 'regulation by enforcement' of digital assets, citing 'lack of clarity'

The House Financial Services Committee on April 18 held a hearing on "Oversight of the Securities and Exchange Commission." The only witness was SEC Chairman Gary Gensler. Materials from the hearing are posted here. The hearing provided committee Republicans with a long-awaited opportunity to confront Gensler about the SEC's aggressive series of proposed rules since 2021, including rules on climate risk, equity market structure, private fund advisers, open-end mutual funds and other areas. They also faulted Gensler's assertion of authority over most cryptocurrency products and the SEC's enforcement actions against crypto firms, while questioning his responsiveness to their oversight inquiries.

Additional information is also available in the attached Tax Alert.


Contact Information
For additional information concerning this Alert, please contact:
Washington Council Ernst & Young
   • Will Heyniger (
   • Bob Schellhas (


Hearing on crypto, climate risk rule, brisk pace of rulemaking